The Long Investor

$SPY TOP 20

Added 2025-04-17 12:40:34 +0000 UTC

I am going to be honest, the bounce since $481 is looking terrible here, it does not look impulsive by any means and failing to make a higher high this week after the $NVDA announcement yesterday has put a lot of pressure on the structure.

I wrote a long commentary on this yesterday, so if you have time please take a look at this.

For me, any break below $508 and I think a lower low below $480 happens and the Contrarian View can not be valid for me.

As more earnings come in and the tariff war heats up, more pressure is applied and people will likely be less buy minded.

For now, we will watch this closely but a higher high can still come in before $508 gets broken but the price action is very messy now, it should not fill anybody with confidence or be bullish.